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EPC Blog: 1 February 2014 SEPA Migration Deadline - Council of the Eur...

EPC Blog: 1 February 2014 SEPA Migration Deadline - Council of the European Union (EU) Representing EU Member States Confirms: Provisions of Regulation (EU) 260/2012 “Have to Be Fully Respected by All Market Participants in Euro Area Member States.”

The Council of the European Union (
) represents the
Member States. On 14 May 2013, the Council of the
adopted its latest conclusions on the Single Euro Payments Area (
). The Council of the
“welcomes the successful entering into force” of Regulation (
) No 260/2012 establishing technical and business requirements for credit transfers and direct debits in euro (the
Regulation), which effectively mandates migration from national credit transfer and direct debit schemes to
Credit Transfer and
Direct Debit in the euro area by 1 February 2014. The Council of the
confirms “that this is a significant step towards a truly integrated market for retail payments in euro” and underlines that the provisions of the
Regulation “have to be fully respected by all market participants in euro area Member States.”

In this blog (see ‘related links’ below), Javier Santamaría, Chairman of the European Payments Council, reports on the
conclusions adopted by the Council of the
in May 2013. He also reiterates: the experience of
pioneers on the demand side confirms that
compliance is manageable and feasible, but with less than nine months to go until the 1 February 2014 deadline, it is critical that any late movers put processes in place to begin their migration immediately.

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